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Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion

Aug 13, 2021, 19:10 IST
Business Insider India
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  • Eruditus has raised $650 million in a funding round led by investment firms Accel and SoftBank.
  • It is the third highest valued edtech startup in India, after Byju’s and Unacademy.
  • Earlier this week, Ronnie Screwvala’s upGrad entered the unicorn club after raising $185 million.
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Mumbai-based Eruditus has raised $650 million in a funding round led by investment firms Accel and SoftBank. This round has valued Eruditus at $3.2 billion, making it the third highest valued edtech startup in India.

The Canada Pension Plan Investment Board also participated in the new round.

Prior to this, the company had raised $113 million in Series D round led by Leeds Illuminate and Prosus Ventures. The Chan Zuckerberg Initiative (CZI), a non-profit organisation headed by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan, has also participated in the round that valued Eruditus at $700 million.

Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus works with universities globally to offer six to eight months-long executive-level courses to students present across 80 countries. These courses cost anything between $5,000 to $40,000, and are available for on-campus, off-campus and online modes.

Some of the universities it has tied up with include Columbia, Harvard Business School, INSEAD, Tuck at Dartmouth, Wharton, UC Berkeley and London Business School.

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This is SoftBank’s second major bet in India’s edtech sector. The Japanese conglomerate has also invested in Bengaluru-based Unacademy, which is the second highest valued edtech startup after Byju’s.

Unacademy raised $440 million, earlier this month, in a funding round led by Singapore’s Temasek Holdings. The Gaurav Munjal-led startup is currently valued at $3.4 billion, and counts General Atlantic and Tiger Global as investors.

Apart from that, Ronnie Screwvala-led higher education platform upGrad entered the unicorn club earlier this week, after raising $185 million from Temasek, IFC (International Finance Corporation, a sister organisation of the World Bank) and IIFL. The company is now valued at $1.2 billion.

A unicorn is a startup valued at or above $1 billion.

Out of all the edtech startups in India, Byju’s is the only decacorn (valued at above $10 billion) with a valuation of $16.5 billion. It is also the highest valued edtech startup in the world and the most valued startup in India.

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